Comox Valley Real Estate Market 

Real Estate Facts 

⌂  In the 12 months ending April 30th, 2018, there have been 1958 sales of all property types, a 2% decline over the same period in 2017.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  2018 is the fourth consecutive year of above average sales numbers since 2007.  The twenty-five year average is 1538.

⌂   The 12 month average sale price of a Comox Valley home is $511,024, up 18%. (The average price for sales in April was $564.487, up nearly $100,000 since April, 2017.) The average lot price is $229,302, up 14%. If you purchased an ‘average’ home in 2008, you paid $321,015.  If you bought an average lot in 2008, you paid $116,250.

⌂  Apartment condos are the largest (and least expensive) segment of the strata market by unit sales and inventory (63). The 12 month average price is $237,284, a 4% increase. The average is misleading due to prices in Crown Isle - $570,750 and Comox - $336,800, while prices in Courtenay East are below $200,000.

⌂  Patio homes have the highest 12 month average sale price ($387,414, up 19%) followed by town houses $322,018, up 24%. 

⌂  YTD in 2018, 74 houses sold per month have sold. (In all 2017, 87 house per month sold.  In 2016 - 102. For 2015 – 78, for 2014 -73, for 2013 - 68, for 2012 - 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)

⌂  75% of SFD sales occurred in the municipalities of Comox - 26%, Courtenay – 40%, and Cumberland - 9%.  

⌂  Houses make up 62% of the 385 residential properties currently offered for sale (condos – 32%, mobiles - 2%, duplexes – 4 %.)  The active inventory of all properties is 557, down 9% from 2017.

⌂  If you bought an average home in Cumberland in 2008 you paid $255,500.  Today the 12 month average price is $487,709, up 22% over 2017. (YTD average price is $512,981, up 14 %.) 

⌂  The largest local 12 month average sale price differential is between Courtenay City ($417,201) and Crown Isle ($698,973).

⌂  YTD 2018 no houses have sold under $200,000. Contrast with 2015 when the Comox Valley sold 41 houses under $200,000.  YTD there are 14 sales under $300,000 and 15 sales over $900,000.  The 12 month median SFD price (half sales above, half sales below) is $481,000.

⌂  The 2017 residential sales pattern in the Comox Valley indicates nearly half of all single family dwelling sales occur between $200,000 and $500,000.  The current list/sell ratio is 78% (down from 92% in 2017) and listings sell for 99% of list price in 25 days.

⌂  When ten houses sell in the Comox Valley one is priced under $300,000, four are priced from $300,000 to $500,000, four are priced from $500,000 to $700,000 and one is over $700,000. Three-quarters of all house sales are in the urban centres.

⌂  From Building Links: Cumberland continues to be the best game in town for land development with 34 lots in the Coal Valley current phase all sold. There are nearly 150 lots in the next five phases. Meanwhile secondary suites are the new duplex zoning in several developments. Finally, purpose built rentals emerge with nearly 180 units planned in Courtenay.

⌂  There are 172 REALTORS® in the Comox Valley among the 1070 members of the Vancouver Island Real Estate Board. The peak in the Valley was 240 in 1993.

The above FAST FACTS are created monthly by Marty Douglas with statistics courtesy of the Vancouver Island Real Estate Board, as of April 30, 2018.  

SEE below for more information and archived copies of previous Comox Valley Real Estate Market Reports. 

 

 

 

*Excerpts from the Real Estate Fast Facts on the Comox Valley (prepared by MDG for RE/MAX Ocean Pacific Realty with stats from VIREB and Building Links). 

Scroll to bottom of this page for archived copies.

 

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